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After weeks of speculation across the business and financial world, India's central bank finally has a new governor. Urjit Patel beat at least eight candidates and will replace Raghuram Rajan whose term ends Sept. 4.

The incoming chief, however, won't have it easy — inflation is rebounding, about $20 billion will leave the country between September-December as FX swaps mature, and state-run banks are entering the last stage of a $120 billion debt clean up.

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